5 steps to becoming an entrepreneur

With World Entrepreneur Day approaching, we outline 5 steps to becoming an entrepreneur.

  1. Ask yourself, do you have what it takes to be an entrepreneur?

entrepreneur scaling hill.

Starting a business is not for everyone. It is a combination of luck, timing but fundamentally hard work. If it goes well, it will be one of the most rewarding things you have ever done. Click here to see if you have what it takes

  1. Write a really great business plan

Man looking at post it notes on wall.

Your business plan should cover objectives, sales, strategies, marketing and financial forecasts, over a short to long-term period. In essence, it not only crystalises your idea but is fundamental for future lenders and investors. Here’s how to do it

  1. Start with an idea and validate it

Blocks spelling minimal viable product.

As your idea takes shape, create a minimal viable product (MVP) to give customers and backers a sense of what the product or service is all about. Here are the steps to take

  1. Find out what resources are available to get your start-up off the ground

start-up team collaborating.

Starting or growing your business? Here’s a useful guide to resources, finance, supports, grants, allowances, accelerators and programmes in Ireland.

  1. Open a business bank account and understand your financial needs

little green piggy bank.

It is very important from day one to separate your personal finances from your business finances. Start by opening a business bank account. There are many different ways to fund a business, and every one of them has advantages and disadvantages. Your business plan should serve as an indicator of the kind of investment you will need.

ThinkBusiness.ie, powered by Bank of Ireland, has been created for Irish business owners and managers who are seeking information, resources and help on a range of business topics. It provides practical, actionable information and guidance on starting, growing and running a business.